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faces significant problems and if we don't address the deficit, i've become more and more convinced that we don't necessarily go gradually and problems that could go precipitously and i say that with reference to 2008 and the crisis that there is, even when things go pretty well, there are some lurking dangers within our economy. one would be interest rates rising. i asked this to people i consider to be smart, big bankers, nature capital centers of the world. can they control just raising keep interest rates below? is there a point at which the central cannot keep pace. interest rate to 7% are when i was a kid, 19% were 21% would be catastrophic with this burden of debt. he seems to work right now, but there is a certain allusion of wealth in the stock market and evolution of the peace we can manage our debt. those are my concerns and because of that, we have to do long-range things. i propose several things since i've come. i propose fixing a security problem. to me it's an actuarial problem. you raise the age gradually 27862 thirds of the social security deficit. fix the remainin
legislation reducing the deficit by $1.2 trillion is required by the budget control act. as a result of that the dod funding for fy2013 was reduced by sequestration and the amount of $41 billion unless congress acts, the fy2014 dod budget will be cut by an additional $52 billion below the funding level which is in the president's budget for fy2014 and also the budget passed by the house and senate of representatives. weekend fix the budget that reduces the deficit by $1.2 trillion over 10 years and that would take a grand bargain including spending cuts and additional revenues. would turn off the automatic spending cuts and sequestration for those 10 years. i remain hopeful we can develop such a bipartisan plan but absent a so-called grand bargain, surely we could devise a balanced deficit reduction package for one year that avoid sequestration in fy2014. we simply cannot continue to ignore the effects of sequestration. sequestration will have a major impact on military personnel. the pay of military personnel has been exempt it will ask them -- for troops including schools, military
. thank you for reminding me again. look, economics are fiscal situation, the deficit, the budget, are all threats to the security. there's a lot of physical seen and unseen threats out there that perhaps are different even from when admiral mullen made that comment. i align myself with the economic piece of it. there are just groups out there that threaten us. ? 0. >> thank you. it is important for us, i think to remember the president's budget despite proposing significant tax increases would still contemplate adding $12.db $2.5 trillion head by the total public. .. >> future years covered by the budget control act. will we continue to see budget that is ignore provisions, ignore the sequester provisions? can you expect budgets like that to be sent to congress that don't reflect the law? secretary hagel? >> the fy15 budget we'll present
-called grand bargain we could devise a balance deficit reduction package for one year that avoids sequestration in fy 2014. we simply cannot continue to ignore the effect of sequestration. sequestration will have a major impact on military personnel. though the pay of military personnel has been exempted, the sequester would reduce military readiness in the services for the troops including schools for military children, family support programs and transition assistance programs and mental health and other counseling programs. the president's budget request continues a major drawdown of active duty and reserve strength. we have in recent years given the department numinous force shaping authorities to allow it to reduce its strength in a responsible way ensuring that the services maintain the proper force mix and avoiding grade and occupational disparities, all of which have long term affect. if sequestration continues, the result would be ore pripitous foe structe that is ou of t the requirements of our defense strategy. sequestration has already affected military readiness. we have heard test
the sided search for a piece deficit that i don't think exists. we went to that in the '90s. to undermine the readiness and capabilities to get the arsenal and they are expanding. we should be expanding hours. but to have a significant impact of the capabilities to reach the intelligence community just in time when we need it the most. to be asked about the effects of sequestration of the intelligence community and i have quoted you several times on this and it is very profound. olmec we're cutting real capability and accepting greater risk for intelligence shorter hours for public parks or longer lines at the airports for intelligence it is insidious. the capability you don't know about that until you notice that. you'll notice ny when we have the same" end quote. and i think that is the belief and the reasonthat is in the military is super bear to deal with threats around the world has the intelligence community uses capability.we are making us lese and i look to our witnesses how the current budget cuts accurately assess these threats especially those separate from resources. such talk
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